A consortium of RREEF Alternative Investments, AREA Property Partners and Europa Capital has completed the acquisition of a significant majority of Spanish property assets owned by Banco Bilbao Vizcaya Argentaria (BBVA). The assets, comprising three landmark office assets and 944 bank branches located throughout Spain, will be leased back to BBVA. The purchase price was not disclosed.

“This transaction provided an excellent opportunity to acquire, for our collective investors, quality assets with a strong cash flow from a very highly rated tenant, remarked Ismael Clemente, head of RREEF Spain, in a prepared statement. “It significantly builds on RREEF’s presence in the Spanish real estate market.”

Noel Manns, a co-founder and principal of Europa Capital, echoed Clemente’s sentiments. "This investment represents a high-quality covenant in uncertain times, and we are delighted to work again with partners who we know and with whom we have an existing relationship. This transaction demonstrates the commitment from Europa to the Spanish investment market."

AREA, formerly Apollo Real Estate Advisors, has invested more than $1.6 billion of equity in Europe since 1995, including over 100 transactions across 15 countries.

RREEF Alternative Investments is part of Deutsche Bank’s Asset Management division. RREEF had €42.9 billion in assets under management worldwide as of June 30.

Since 1995, the principals of Europa Capital have collectively raised six real estate funds and committed to more 60 transactions totalling more than €5 billion across 17 European countries.

Government of Singapore pays $29.5 million for five-story garage building in Manhattan

The Government of the Republic of Singapore has purchased a 40,000 sq. ft., five-story building, 318 East 48th Street, for $29.5 million. The government plans to convert the property into a modern office building that it will utilize for its mission to the United Nations and its consulate offices. Once the project is completed, the government will relocate from its current location at 231 E. 51st St.

The Government of Singapore was represented by Gil Robinov, executive managing director of the International Advisory Group of NAI Global of New York City. The seller, Chapman Consulting Group LLC, was represented by David Noonan of Newmark Knight Frank. Chapman is an owner and operator of garages.